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You are considering the purchase of a perpetual bond that pays you $ 1 1 6 per year for the foreseeable future. If you require

You are considering the purchase of a perpetual bond that pays you $

116

per year for the foreseeable future. If you require a

5.85 %

rate of return on this bond investment, what is a fair price for the bond that you would be willing to pay today?

To nearest $

0.01

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